Ardmore Shipping Announces Strategic Investment and Joint Venture with Element 1 Corp. and Maritime Partners LLC to Deliver Hydrogen Power to the Marine Sector
The proposed transactions entail the following:
- The proposed transactions entail the following:
Ardmore, E1 and MP will establish "e1 Marine," each owning 33.3% of the joint venture. - Ardmore will purchase a 10% equity stake in E1 in exchange for $4 million cash plus 950,000 ASC common shares.
- Ardmore will also take a seat on E1's board of directors from the date of the investment.
- "We are very pleased to establish a strategic relationship with E1 and Maritime Partners to deliver this unique hydrogen delivery system to the marine sector.